Business Risk Managment

Risk management- is a logical and systematic method of identifying, analysing, evaluating, treating and monitoring risks in a way that will enable your organisation to meet its business objectives and minimise losses to maximise opportunities.

Risk - it is the possibility of undesirable events occurring that might prevent or impact upon the achievement of your businesses objectives. The impact can be a threat to the delivery of the objectives or a missed opportunity.

Strategic Risk - any risk which has a direct impact on the achievement of the overall objectives of your business or which cuts across operational boundaries as opposed to risks that impact on any discrete part of the organisation.

Operational Risk - any risk that impacts on the achievement of operational objectives and impacts on a discrete part of the organisation.

Risk Register
- a composite, prioritised, list of the identified and evaluated risks outlining their likelihood and potential impact, which will include an action plan to manage or contain a risk to acceptable levels.

Risk Owners - the Senior Managers responsible for the area that the risk will impact on most or that has been assigned the responsibility for the risk by the Managing Director/Chief Executive. At a strategic level, the Risk Owner will effectively become the Action Owner. At an operational level the risk will rest with the Risk Owner, but the action will be delegated to the Action Owner.

Action Owners
- the managers to whom the Risk Owner has delegated responsibility for the on-going control, monitoring and status reporting in accordance with the internal arrangements.

Leadership and Commitment
- this must be driven from the top down and Pegasus Safety Consulting can help you achieve this at all levels of your organisation by talking about the benefits of a well thought out Business Risk Management Plan.

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